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REGISTERED NUMBER: 07283646 (England and Wales)















MOREPOLYTHENE LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023






MOREPOLYTHENE LIMITED (REGISTERED NUMBER: 07283646)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 3


MOREPOLYTHENE LIMITED (REGISTERED NUMBER: 07283646)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
Notes £    £   
Fixed assets
Intangible assets 4 - 5,800
Tangible assets 5 221,777 165,489
221,777 171,289

Current assets
Stocks 603,200 525,500
Debtors 6 3,424,531 3,894,348
Cash at bank and in hand 4,015 5,167
4,031,746 4,425,015
Creditors
Amounts falling due within one year 7 (2,940,189 ) (3,440,666 )
Net current assets 1,091,557 984,349
Total assets less current liabilities 1,313,334 1,155,638

Creditors
Amounts falling due after more than one
year

8

(111,284

)

(221,798

)

Provisions for liabilities (41,862 ) (32,208 )
Net assets 1,160,188 901,632

Capital and reserves
Called up share capital 100 100
Retained earnings 1,160,088 901,532
1,160,188 901,632

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MOREPOLYTHENE LIMITED (REGISTERED NUMBER: 07283646)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 March 2024 and were signed by:





Habiburehman Patel - Director


MOREPOLYTHENE LIMITED (REGISTERED NUMBER: 07283646)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. Statutory information

Morepolythene Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07283646

Registered office: Witton Mill
Stancliffe Street
Blackburn
Lancashire
BB2 2QU

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Grants are credited to deferred revenue. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - straight line over 3 years
Fixtures and fittings - 25% per annum straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

MOREPOLYTHENE LIMITED (REGISTERED NUMBER: 07283646)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

MOREPOLYTHENE LIMITED (REGISTERED NUMBER: 07283646)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. Accounting policies - continued

Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3. Employees and directors

The average number of employees during the year was 40 (2022 - 37 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 July 2022
and 30 June 2023 29,000
Amortisation
At 1 July 2022 23,200
Charge for year 5,800
At 30 June 2023 29,000
Net book value
At 30 June 2023 -
At 30 June 2022 5,800

MOREPOLYTHENE LIMITED (REGISTERED NUMBER: 07283646)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


5. Tangible fixed assets
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
Cost
At 1 July 2022 1,128,753 16,170 1,144,923
Additions 288,237 11,557 299,794
At 30 June 2023 1,416,990 27,727 1,444,717
Depreciation
At 1 July 2022 972,056 7,378 979,434
Charge for year 237,274 6,232 243,506
At 30 June 2023 1,209,330 13,610 1,222,940
Net book value
At 30 June 2023 207,660 14,117 221,777
At 30 June 2022 156,697 8,792 165,489

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 2,357,960 2,740,644
Other debtors 1,066,571 1,153,704
3,424,531 3,894,348

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 31,447 30,976
Hire purchase contracts 110,505 130,282
Trade creditors 2,109,900 2,421,021
Taxation and social security 275,619 173,409
Other creditors 412,718 684,978
2,940,189 3,440,666

Included in other creditors are proceeds of factored debts of £306,078 which are secured on gross debtors of £2,357,960.

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Hire purchase contracts 111,284 221,798

9. Related party disclosures

At 30 June 2023 the director was owed £2,524 by the company (2022: £45,334) No interest has been charged by the director in respect of this loan which is repayable on demand and classified in creditors due within one year.